Fintonic is an app that helps us keep track of our accounts, and the money going in and out of them. The company, which has a turnover of less than €1M, has just received the 3rd largest round so far this year.
About Fintonic
FINTONIC is an aggregator of personal financial information. When you register your banks in Fintonic, the platform updates your movements on a daily basis and shows you this information in an aggregated form. It groups your expenses by categories, shows a table of the status of accounts, credit cards, mortgages, loans, securities portfolio, funds, etc.
In addition, Fontonic has recently launched its Finscore, a free index with which citizens can find out what their credit profile is and improve their bargaining power when contracting financial products.
The company founded in 2012 by Marcos Icardo, Aitor Chinchetru, Lupina Iturriaga, Sergio Chalbaud, has already received 3 rounds of investment, the last of them €25M. It currently has 400,000 customers and its turnover is around €300,000.
Fintonic receives a round of $25M
With this new round, Fintonic seeks to boost its growth in Spain and Latin America and increase the value proposition to users. On the other hand, the new investors are betting on Fintonic's differential value that empowers the customer to better manage money, through its tools and functionalities and with a multi-entity product proposal.
The round has been led by ING Group and the insurance group PSN. Following the financing round, Fintonic's shareholder base is highly diversified.. Among its partners are Ideon Financial Solutions, the investment funds Inception Capital and Onza Capital, Atresmedia, ING and PSN and professionals of renowned prestige who contribute their expertise. In addition, Rousaud Costas Duran and Financial Managers have been involved as advisors in the process.
Analysis of investment in the Fintech sector
The financial sector is evolving rapidly, thanks to emerging technology companies. According to a study by Cbinsights, the top 250 fintech companies globally have raised close to $32B in 766 deals since 2013. Among these companies we find 23 companies with a valuation above $1B. Within the personal finance sector, we have detected companies that have received a high amount such as Atom, a British startup that has raised more than $250M and has BBVA as an investor. Atom Bank is a bank that operates exclusively by mobile phone.
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